Abstract: German land mortgage has gradually formed a system that combines guarantee mortgage, circulation mortgage and land debt since Germanic customary law and Roman law began to merge. The design of its legal system has been improved in terms of independence and liquidity of land mortgage in order to better finance funds. Since the securities technologies were incorporated into the land mortgage with improved independence and liquidity, land mortgage securitization in Germany has developed rapidly and affected the whole European continent. Historically, German land mortgage securitization has adopted both direct and indirect securitization. They occurred almost at the same time, permeated and supplemented each other, and developed alternately, leading gradually to gradual perfection and international influence in legal practice. Accordingly, the real estate (including land) mortgage bonds in Germany has become one of the largest bond markets in Europe and even in the world, making important contributions to the German agricultural economy.

Key words: Key words： land mortgage, independence, bond, direct securitization, indirect securitization